Barings has acquired a 210,000sqm plot of land in Portugal for a logistics park project on behalf of its second European value-add real estate fund, BREEVA II.

The fund manager has invested an undisclosed amount to acquire the site in Santa Iria de Azoia, near Lisbon from Saint-Gobain.

Barings said it will develop the scheme, consisting of 85,000sqm of logistics space, together with an unnamed logistics real estate developer as development manager.

José Carlos Torres, managing director and head of Iberian real estate at Barings, said: “This project is particularly attractive as it’s located in an urban location within the city of Lisbon so it can supply the market with last-mile space as well as typical logistics space with unparalleled access to the main distribution roads combined with excellent private and public transport links.

“This transaction demonstrates the kind of opportunities, particularly in the logistics and living sectors, that we are actively exploring in Spain and Portugal on behalf of BREEVA II and other investment vehicles managed by Barings.”

Gunther Deutsch, managing director and head of European real estate transactions at Barings, said: “Logistics remains one of our preferred investment classes across Europe in 2024, where our local expertise and global insights come together in a way that enables us to identify value.

“We continue seeking joint-venture development projects and partners, forward transactions or investing in stabilised assets with value-add potential. This is the case across our preferred sectors – logistics and living such as student housing and build-to-rent – in our preferred European markets, including Spain, Portugal, Germany, the UK, France, Italy, the Nordics and the Netherlands.”

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